According to MusicWeek and SFX attorney Nancy Mitchell, News has come that SFX founder and CEO Robert Sillerman will resign from SFX Entertainment in the next 60 days and will be replaced on an interim basis by the firm’s chief restructuring officer Michael Katzenstein.

SFX Entertainment has been granted a $115 Million loan from Junior investor bondholders who have helped the restructuring agreement for SFX’s bankruptcy financing. The SFX Entertainment bankruptcy loan money will mostly be used to pay off senior lenders and also fund the behemoth EDM promoter in daily business costs.